ORLANDO, FL / ACCESSWIRE / October 1, 2024 / OneEthos (www.oneethos.com), the leading Fintech Platform for mission-driven financial institutions, and Montgomery County Green Bank (www.mcgreenbank.org), have announced a strategic partnership which will provide affordable solar to homeowners in Montgomery County, Maryland through an exclusive one-year pilot program beginning November 2024.
Under this program, Montgomery County Green Bank, which serves a population of over 1.1 million people in the County, will offer loan subsidies that provide homeowners with discounted solar loans with rates ranging from 0% for low-income households, to 4.99% for all other residents. The program also allows homeowners to include battery storage and roof replacement in their loan if needed as part of the solar installation. Following a successful one-year pilot phase, the partnership plans to extend to incorporate additional energy efficiency loans.
In the first year, the Montgomery County project is estimated to provide $5,000,000 of consumer loans, with roughly 50% of transactions occurring in Equity Emphasis Areas. Anticipated energy savings will total 1,800,000 kWh and 61,437 therms annually, as well as 1,272.6 MT CO2 emissions mitigated per year. The annual dollar savings are expected to amount to $234,000 for Montgomery County residents.
"This partnership is the foundation and the heart of all that OneEthos stands for in our mission for ethical lending," said Marcio deOliveira, CEO and Founder of OneEthos. "To have the ability to reduce the cost of solar for Montgomery County residents, specifically for those in disadvantaged communities, resulting in more than a 20% savings from their existing energy bill, offers a tremendous opportunity. We look forward to a strong alliance with Montgomery County Green Bank and believe it is just the beginning for the state of Maryland, as well as the impact and change we can create for the rest of the country."
Through its proprietary technology, the OneEthos solar lending platform allows local solar installers to offer customers a unique experience with real-time loan decisions provided 24 hours a day, within 30 seconds or less. The loans are facilitated through OneEthos affiliate Climate First Bank (www.climatefirstbank.com), their banking partner and a successful client of the company. Moving forward, OneEthos intends to make these loans available for sale to community banks, credit unions, and Community Development Financial Institutions (CDFIs) in the Maryland, Washington, DC and Virginia areas that are interested in growing their green loan portfolio.
"We are thrilled to launch this new partnership with OneEthos through Climate First Bank," says Stephen Morel, CEO of Montgomery County Green Bank. "The collaboration enables us to continue to deepen equitable access to renewable energy programs for low- and moderate-income homeowners with a very strong partner. It brings us closer to our vision of a prospering, sustainable, and healthy Montgomery County, where everyone can participate in and benefit from clean energy and climate-resilient solutions."
Lisa Walsh, Senior Commercial Solar Developer of Solar Energy Services, Inc. (SES), further added, "As a long-time commercial and residential installer of solar systems in the MD/DC metro area, SES is excited to welcome an established solar financing platform via OneEthos and Climate First Bank. SES has partnered with Montgomery County Green Bank and county business owners to solarize several buildings in Montgomery County, so we know first-hand the value of having a trusted, community-first bank whose mission focuses on bringing affordable solar, and energy efficiency upgrades, to residences and businesses who may be looking to make the switch to solar for the very first time."
About OneEthos:
OneEthos is a Certified B Corp, mission-driven fintech company. The company operates at the intersection of financial technology (fintech) and traditional banking with the objective to accelerate the delivery of sustainable and inclusive financial services to all segments of the population. OneEthos is one of the only fintech companies specializing in climate finance in the United States and regulated by the Federal Reserve Bank. The company's mission is to enable Community Banks, Credit Unions, CDFIs, and Green Banks to grow their loan portfolios profitably and responsibly, providing access to banking products and services that have a positive impact on people, communities and the environment.
For more information, please visit: www.oneethos.com.
About Climate First Bank:
Recognized as one of the fastest-growing banks in the country, Climate First Bank is the world's first FDIC-insured, values-based, digital community bank founded to combat the climate crisis. A Certified B Corp, 1% for the Planet member, and operationally net-zerosince it opened its doors in June 2021, the Bank offers a complete, full-service portfolio of simple and easy-to-use traditional banking products powered by technology to meet the expectations of today's consumers. In addition to offering standard banking services, the company places a special emphasis on non-governmental organizations (NGOs) and businesses committed to sustainability. Eco-conscious customers will find dedicated loan options for solar photovoltaic (PV), energy retrofits and infrastructure to help combat the climate crisis. The Bank reports annually on its impact in line with corporate social responsibility goals; read the most recent Impact Report here. Member FDIC.
For more information, please visit: www.climatefirstbank.com.
About Montgomery County Green Bank:
The Montgomery County Green Bank is a publicly chartered 501(c)3 nonprofit corporation dedicated to accelerating energy efficiency, renewable energy, and clean energy investment in Montgomery County, MD. We partner with the private sector to provide more affordable and flexible financing options for County residents and businesses for clean energy and climate-resilient projects. These projects save energy, lower greenhouse gas emissions, create healthy living and working environments, foster a more resilient economy and environment, and help the County achieve its environmental goals.
For more information, please visit: www.mcgreenbank.org
Contact Information
John Collins
Collins Strategy Group
john@collinssg.com
(917) 496-4587
Rachel Kent
VP, Director of Marketing
rachel.kent@climatefirstbank.com
(518) 669-3550
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OneEthos
Montgomery County Green Bank
SOURCE: OneEthos
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